The True Definition of Wealth
The great author, Robert Kiyosaki, gives a great definition of wealth. He defines it as:
The definition of wealth is the number of days you can survive without physically working (or anyone in your household physically working) and still maintain your standard of living.
This is my favorite definition because it inherently makes a statement about both time and money. Wealth is not about being rich; it is about having time.
Trading Time for Money
Most of us spend our days working at a job. You may be a CEO running a multi-million dollar corporation making 
millions, or you may be working in the mail room making minimum wage. Either way, you are simply “renting” yourself to a corporation in return for money. In other words, you are trading YOUR time for Money.
168 Hours in a Day
There are 24 hours in a day and a total of 168 hours in a week. If you sleep 8 hours per night, 56 hours, you now have 112 hours to do everything you need to. Seems like plenty of time, right? Let’s not forget that you typically spend at least 40 hours of that working. I’m sure most of us spend a lot more than that, but let’s just say its 40 hours. So now you have 72 hours left to spend doing the things you want to do. Oh, Oh, we have to eat, that’s 3 hours a day, 21 hours a week. Leaving you with 51 hours.
Recent surveys have found that North Americans spend about 4 hours a day watching TV or on the internet. That’s another 28 hours.
Guess What? You are now at 24 hours of FREE time, and you haven’t even accomplished anything for yourself yet!
What activities eat up most of your week? Sleeping and working! You don’t have much choice about sleeping, so that means that if you want to have more time you need to stop working!
“How am I going to pay my bills if I’m not working?”, you might ask.
If that’s your question, then you’re in the right place. You’re broke. You may be making good money. You may even be “rich”, but your definitely not wealthy. Your income depends entirely on your efforts, and by our definition of wealth, your broke.
How do you create wealth?
The first and only question you should ask yourself is, “how can I create income that comes in without me working for it?”.
By asking this question, you will get your mind solving the problem. You will have started the right mind-set.
Here’s how! You need to own things called “assets” that generate money for you. You can write music or write a book. You can buy assets like rental property, or stocks that pay dividends. You can even start a business. Do you know that Elvis Presley’s estate still brings in millions today many years after his death? Why? His music.
Myself, I didn’t have the talent to write music, or a book, but I was able to start a business. I built my business with the mind-set that it had to work without me. It couldn’t rely on me in the long term. It would then take my place and generate income and I would have time to think about how to start another one.
Income from assets will give you TIME AND MONEY.
So wealth is not a secret. It is available to everyone. I never learned this concept in school. University didn’t teach me any of this. I had to find wealthy mentors to teach me. That’s our goal here at The Wealthy and Free Academy. We want to connect you with wealthy mentors to teach you.
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